Mr. Peterson is trying to save enough money to buy a classic sports car. He has already saved $800 but that is still not enough. if his $800 in savings is sitting in a bank account that pays $% interest:
1) How much will mr.peterson have earned in interest once year from now
2) If he leaves his money and interest in the bank for another year, how much interest will he earn for the 2nd year??
MEDAL & FAN please help me understand this equation

Question

Mr. Peterson is trying to save enough money to buy a classic sports car. He has already saved $800 but that is still not enough. if his  $800 in savings is sitting in a bank account that pays $% interest:
1) How much will mr.peterson have earned in interest once year from now
2) If he leaves his money and interest in the bank for another year, how much interest will he earn for the 2nd year??
MEDAL & FAN please help me understand this equation

anonymous · Answer

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